London-based neobank Revolut has raised $800 million in a round led by SoftBank Vision Fund 2 and Tiger Global Management, according to a Sky News report. A spokesperson for Revolut confirmed that the report is accurate.
The round gives Revolut a valuation of £24 billion (roughly $33 billion) and makes it the most valuable British fintech firm in history. The valuation is also six times the price tag attached to the startup when it secured $500 million at a $5.5 billion valuation as recently as February 2020.
Launched in 2015 as an app and card business offering travellers cheap foreign exchange rates, Revolut has since ballooned into a so-called ‘super-app’. The startup now offers its more than 15 million customers a current account, insurance products, stock investments, and a suite of crypto trading tools.
In May, Revolut ramped up its crypto capabilities by allowing certain customers to withdraw crypto from the app and into personal wallets for the first time. The company, which has aspirations to become a licensed banks in many of the markets in which it operates globally, has also been adding a significant number of tokens to its trading platform, including dogecoin and various decentralized finance tokens.
On June 21, Revolut’s latest annual report highlighted a total comprehensive loss for the 12-month period ending December 12, 2020, of £168 million — up from £107 million the previous year. The startup’s adjusted revenue grew 57% to £261 million in the same period.
Update: This article was updated after a Revolut spokesperson confirmed that the details of the Sky News report are accurate.